I finally started my first day of full-time work on Monday with much trepidation and anxiety as my last full-time job was in 2017. In last week’s blog, I had elaborated on what I had been doing during the last 6 years and how I managed to land this new role.
I had prepared for this day since we had received an In-Principal Approval of our fund management license in late August. It was almost 9 months to the day of our application in Dec last year with at least 6 rounds of follow-up questions and responses with the regulators since then.
We now have another 6 months to satisfy a to-do list of required actions and documentation before they will issue our CMS license. One of the requirements was that I begin my role on a full-time basis immediately. I was on a consultancy retainer contract since Oct 2022 and had to relinquish that and sign a new employment contract. I believe that we can expedite this process within 2 months if we respond fast to our lawyers who are consolidating and tracking the checklist of items needed to revert back to the regulators.
The week before, I had already planned in my mind a timeline map and milestones for the next 9 months. I also wanted to kickstart the first meeting with our team of 3 together with the holding company’s CEO to spell out the way we will work together and come to a team buy-in of the timelines. We also had a discussion of the likely end-stage fund SPV structure we wanted at this point in time.
Monday was pretty much a day of paperwork in which I had to sign my employment contract and set up the various required in-house HR systems. We already had an office room assigned to us. Thankfully, I had the old hand-me-down laptop from my son to use for now until the officially issued one is ready.
Tuesday was the important team meeting where we all sat down for a serious prep session where I wanted to set the direction of the company from day one. No BS office politics, no mind reading or assumptions to minimize miscommunications. Once the team agrees on an action plan, we should all move together as a team to implement and execute the plan. If there are any disagreements, we are adults and should thrash it out ASAP. We will go into the meeting room to talk things out and then like the uncles that we are, have an ice-cold beer after.
Wednesday was more paperwork as I got into the groove of working and responding to emails. I wanted to ensure that our appointed legal advisory law firm understands our expectations and timelines because it is critical that they access them to tell us if they are doable. Prompt follow-ups from us are also important to ensure that they action fast on them to reduce any possible delays. A video call was then arranged for the next day.
Thursday was a video call meeting with the lawyers to explain to them our vision of the likely fund structure we wanted. It was also for them to propose and educate us on what is best suited for our needs. They suggested a VCC (Variable Capital Company) structure that has been very popular for its flexibility and tax-friendly setup.
The VCC was introduced into S’pore in 2020 and was modelled after existing American models. To date, there are now 400+ VCCs incorporated here. It also makes S’pore stand out as the only country in Asia with this structure. With the advantage of the strong S’pore Incorporated branding and robust legal infrastructure here, it had attracted many family offices and foreign funds to set up shop here using the VCC umbrella structure.
Friday was a catch-up on all the article readings as I needed to bring myself up to speed on the other pillar of green energy development (BioMass) which our CIO was exploring at the moment. I had also decided to organize an after-office TGIF drinks and snacks session that evening for 2 reasons. Firstly, to get to know everyone in an informal setting. Secondly, to thank everyone for a warm welcome as I settle in. I am glad it was a success as we chatted about various non-office matters over beer, wine and nice finger foods for almost 2 hours.
And the week passed by so fast. I missed my daily morning exercise schedule, so I tried to squeeze in a run or gym session after work during some of the weekdays. I actually feel more energized and revitalized this week as time passes faster. I also had some of the best-uninterrupted sleep for quite a while. It could be that I was mentally and physically exhausted. That is good because it counterbalanced against my fear of trying to do too many things for the first time in my new role. I am also apprehensive about not knowing if we would succeed in this venture eventually.
But as I told my COO, we old dogs have to learn new tricks. We have reached our halftime and nearing the finishing line of our careers. This will be the moonshot goal of our lives as we try to achieve something of significance. We should give it our best shot by trying our best to see where this will lead us to.
I am looking forward to week 2, to see what else is ahead of me. I need to proactively push myself to work against the clock to try to maximize this golden opportunity that is given to me. This win-win solution to solve the climate change issue as well as making the venture profitable for our investors is in our hands.
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